US$100 A Barrel In Sight As Oil Price Slips
Oil prices sank to a five-month low of just over US$105 a barrel on Tuesday as traders turned their sights on signs that slower growth was spreading beyond the US into Europe, Japan and even emerging markets. The fall led some analysts to suggest that oil prices could move back below US$100 a barrel, a level not seen since March, after fears that US oil supplies could be severely disrupted by hurricane Gustav proved unfounded. The drop in crude oil prices to a low of US$105.40 a barrel, down almost 30% from a record high of US$147.27 in July, pushed Wall Street stocks higher, especially in oil-hungry businesses such as airlines. Oil recovered to US$108.60. However, the slide in oil prices could be short-lived in the light of Iran stepping up efforts to persuade fellow Opec members to cut output when they meet in Vienna next week.

Chip Eng Seng Wins $156m HDB Contract
MainBoard-listed construction and property group, Chip Eng Seng Corporation announced that its wholly-owned subsidiary, Chip Eng Seng Contractors, has been awarded a design and build contract worth $156m by the HDB in Punggol West, Singapore. The Singapore-public housing contract entails the design and construction of residential buildings with a carpark and community facilities. Commenting on the contract win, Executive Chairman Lim Tiam Seng said, “Our excellent track record in construction has once again propelled our order book to $843m from $687m as at end June 2008. With the enlarged order book, we will be kept busy through to 2011.”

Lindeteves-Jacoberg Records 3 Years Of Consecutive Losses
Lindeteves-Jacoberg gave notice that it has recorded pre-tax losses for the three most recently completed consecutive financial years (based on the latest announced full year consolidated accounts, excluding exceptional or non-recurrent income and extraordinary items) and its market capitalisation as at 1 September 2008, the last market day on which trading was not suspended or halted, is $24,8m. The company will make an immediate announcement should it be notified by SGX that it will be placed on the watch-list.

Kingsmen Wins SBE Award For The Second Consecutive Year
Kingsmen Creatives, a leading communications design and production group in Asia Pacific and the Middle East, is pleased to announce that its subsidiary Kingsmen Exhibits has won the Singapore Business Event Award 2008 - Service Partner Excellence. This marks the 2nd consecutive win for Kingsmen since the Awards were first introduced in 2007. Organised by the Singapore Exhibition and Convention Bureau, the Awards profile Singapore as a leading destination for business events and recognises the industry’s contributions that have reinforced Singapore’s standing as a premier business travel and MICE destination. Executive Director Anthony Chong commented, “Winning the award for a second year running is a testament that at Kingsmen, we do not rest on our laurels. This award serves as a reaffirmation that we are on the right track and will spur us to constantly give our best to our clients.”

Swiber In US$225m Sale And Leaseback Deals For 5 Vessels
Swiber Holdings, a world class service provider in the offshore industry, announced that its wholly-owned subsidiary, Kreuz Engineering has entered into agreements for the sale and leaseback of 5 vessels for approximately US$225m. The move will enable the group to finance its fleet expansion plan, particularly deepwater and subsea vessels, without straining its balance sheet and improve its cash flow. At the same time, the arrangements will also allow Swiber to maintain full operational and commercial control over the vessels. Executive Chairman Raymond Goh added, “Swiber is going full steam ahead on our deepwater strategy, having earmarked the deepwater regions of South East Asia, India, West Africa and South America as potential markets for the group to target. The sale and leaseback arrangements will allow us to expand our deepwater fleet, while keeping our gearing at a reasonable level.”